CPO Mar Futures Prices Closed Lower

CPO Mar Futures prices closed lower on reports of lower demand and sufficient stocks. Market sentiments dampen as import hike announcement was deferred. The oil palm industry has asked the Centre to increase the duty to 45% from the current 12.5%. CPO Mar’16 expiry closed 1.34% higher at Rs. 492.8 per 10 kg.

According to latest data released by SEA, during NovemberDecember 2015, import of refined oil (RBD palmolein) jumped to 4,61,192 tonnes from 1,03,136 tonnes in the same period of previous oil year. Import of palm products during October 2015 is the highest in any single month at 1.11 mt.